Apple Hospitality REIT Acquires Hyatt House and Hyatt Place in Tempe, Arizona for $64.6M ($249K Per Key)

Apple Hospitality REIT, Inc. | August 14, 2020

RICHMOND, Va. - Apple Hospitality REIT, Inc. (NYSE: APLE) (the “Company” or “Apple Hospitality”) today announced the opening and acquisition of the new 105-room Hyatt House and 154-room Hyatt Place in Tempe, Arizona (the “Hotels”), for a gross purchase price of approximately $64.6 million, or approximately $249,000 per key. “We are pleased to enhance the diversification of our portfolio with the acquisition of these newly developed Hotels in the dynamic Tempe market,” said Nelson Knight, President, Real Estate and Investments of Apple Hospitality. “Ideally located on the Tempe campus of Arizona State University near prem...